Future group reacts with confidence after SC setback; Intends to pursue “all available routes”

New Delhi: Hours after the Supreme Court ruled in favor of the Amazon technology conglomerate in its dispute with Future Group, Future Retail Ltd (FRL) said it intends to go “all available ways” to close its Rs 24.731 billion deal with Reliance Industries .

The Supreme Court ruling is a massive setback to the Reliance Retail-Future Group deal, which Amazon appealed in multiple courts.

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In an official file accessed by the PTI news agency, FRL said the SC’s ruling “addresses two limited issues related to the enforceability of the EA’s order and not the merits of the disputes”.

“The full copy of the judgment is expected. FRL’s attention is drawn to the fact that it has legal remedies that it will exercise,” it added.

FRL even pointed out that it “intends to pursue all avenues available to conclude the deal in order to protect the interests of its stakeholders and its staff”.

Future Group further stated that the Singapore International Arbitration Center (SIAC) arbitration tribunal has completed hearings on whether the EA’s preliminary arbitration award should continue and whether FRL is a party to the arbitration at all.

“The arbitration tribunal’s decision is awaited,” she added.

Meanwhile, Amazon hailed the ruling, saying the ruling will expedite the resolution of its ongoing dispute with the Future Group.

“We applaud the judgment of the Hon’ble Supreme Court of India confirming the Emergency Arbitrator award. We hope this will expedite a settlement of this dispute with the Future Group,” Amazon said in a statement.

Reliance Retail Ventures Ltd (RRVL) announced in August 2020 that it would take over the retail and wholesale business as well as the logistics and warehousing business of the Future Group for 24,713 billion rupees.

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The transaction involves consolidating the retail and wholesale assets of Future Group into one entity, Future Enterprises Ltd, and then transferring them to Reliance Retail, which was later challenged by Amazon, an investor in Future Coupons, which in turn is a shareholder in Future Retail Ltd.

Amazon later dragged the Future Group into arbitration at SIAC, and in October the EA issued an interlocutory judgment in favor of the US e-commerce giant that prevented Future Retail from selling or encumbering its assets.

Amazon and the Future Group had also filed lawsuits in Indian courts, including the Supreme Court, on the issue. On Friday, the top court ruled in Amazon’s favor, ruling that the EA decision was valid and enforceable under Indian law.